EyeCare Partners announces refinancing transactions, new money deal

By Wendy Van Sickle

Columbus, Ohio, April 19 – EyeCare Partners LLC said it closed a private debt exchange with holders of a majority of its existing term loans and plans to launch a public debt exchange offer to remaining lenders, according to a news release Friday.

The public exchange is expected to further benefit the company through incremental debt discount capture and debt service flexibility.

The completed transaction provides significant liquidity through a combination of $275 million of new money, meaningful cash-to-paid-in-kind interest conversion and discount capture, the company said.

Existing lenders also agreed to extend maturities.

The transaction decreases the company’s debt balances while reducing its cash interest expense, and there is no impact on EyeCare Partners’ equity ownership, the company reported.

“In strengthening the financial position of EyeCare Partners through this transaction, we have enhanced our ability to continue delivering on our mission to enhance vision, advance eye care and improve lives,” said Chris Throckmorton, EyeCare Partners chief executive officer, in the release.

“We are encouraged by the confidence and support of our financial partners and look forward to accelerating execution of our strategic growth initiatives, driving innovation and collaboration to meet the evolving needs of our patients and practices.”

EyeCare Partners is a St. Louis-based eye care services provider.

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